I think we are going to spend some time in this range. Lots of people want off the train and the break even point was their exit. Mine is my cold hard death. Nobody is taking my crypto from me. And I will continue investing 1-5% of my paycheck into it.
I also started growing some of my own food, and all money I save doing that is guilt free crypto money. Same thing if I say, don't buy beer for the week and instead just drink tea. Thats another 50 bucks for crypto - guilt free because that money was gone if I bought beer with it. When you invest in it this way, it makes it less emotional. I would rather it not go to zero, but if it did, the only thing I lost was a few pounds of beer weight because I'm healthier now.
So that's my plan. Stop trying to play the market - which is based 90% on emotion. And just buy and hold, with guilt free money that I saved by making other cuts in my life, or taking on an extra shift or side hustle gig, etc.
I think we hover around 20k for a while until anyone who wants off the train gets off, and they are replaced by people who are now buying into their ground floor and are holding long. Every day that goes by, the floor gets more and more solid. Even if we pull back and people panic sell, there is someone else on the other side of that trade who is buying. Even if 80% of those buyers eventually sell, but 20% are holding long, then every trade that goes by, more and more people are holders ajd less and less becomes available to the late comers.
And every time the governments drop trillion dollar bailouts or stimulus packages, the use case just gets that much stronger. When you zoom out to a 5, 10, 20 year timescale or longer, no buy made today will look like a mistake. The only mistakes will be those who didn't hold any, or those who got scared.
HODL was made to be seen as a meme by the weak hands of 2018. HODL is the only longterm strategy that works and has been battle tested and holds true.
We're going to continue to see a lot of growth, both driven from the institutional side and the appeal to new adopters. I'm interested to see what happens to Ethereum in the coming weeks with ETH 2.0 rollout starting tomorrow officially. Good luck to everyone!